Virginia Governor Signs Law Establishing Individual Income Tax Credit for Firearm Safety Device

The Virginia Governor March 22 signed a law establishing a nonrefundable individual income tax credit for purchasing a firearm safety device. The law includes measures: 1) defining specific terms, such as “eligible transaction” and “firearm safety device;" 2) establishing that taxpayers are allowed a nonrefundable credit of up to $300 for the cost incurred in purchasing one firearm safety device per year; 3) clarifying that the aggregate amount of credits allowable under the law is capped at $5 million per taxable year; 4) specifying that the amount of the credit claimed by individuals in any single taxable year mustn’t exceed ...